Index infighting breaks out

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An instrument that allows investors to trade the US credit market has been launched under the iBoxx brand as a rival to Trac-x. But the move has sparked angry behind-the-scenes accusations, not only between the backers of iBoxx and Trac-x but also within the separate camps themselves.

The launch of the US iBoxx product – iBoxx.CDX.NA.IG (or credit default exchange, North America, investment grade) – was announced on October 15. As with Trac-x, it allows investors to buy or sell exposure to a bask

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